ResalesAlbuquerque"s Real Estate Market Moves Albuquickly
If New Mexico is the Land of Enchantment, then Albuquerque is its magic wand. Nestled on the Rio Grande River next to the Sandia Mountains and its mesas, the city is a blend of cultural identities, all of which are charmed by the earthy views which can be enjoyed in near year-round warm weather.
Among the attractions is the Sandia Peak Tram which rides to the top of the Sandia Mountains where clear-day views allow you to look out over 1,500 miles.
Did you know that Albuquerque has dormant volcanoes? You can see them from your balloon when you drift over the landscape during the Albuquerque International Balloon Fiesta. If staying on the ground is more to your liking, then enjoy the scenery with the top down down cruising the nation"s most famous highway, Route 66.
Splendor on the mesas also brings a robust housing market as local Realtors report a hot sellers" market.
The Albuquerque market is going great guns", say Realtors
Keith and Gina McCrae. "During the month of May there were 791 single family sales, essentially even with May of 2001, however, May 2001 was up nearly 33% compared to May 2000.
"Over half of the month"s single family sales were in the $100,000 to $199,999 range," continue the McCraes. "May 2002 sales were up nicely from April. There were 65 more sales or an increase of 8.95% -- which is typical as we enter the prime selling season. Year-to-date sales are up 4.34%.
"New listings for May were down significantly compared to last year -- 1,089 vs. 1,619. Total active listings as of 05/10/02 were 4,267 -- a five-year low. The record month for active listings in Multiple Listing Service was August 1999 when the total was 5,310. Pending Sales or contracts written during May were 949 compared to 861 in May 2001, a 10.2% increase!
Explains Realtor George Russell, "Of course, some areas are experiencing more activity than others. Overall, the market looks healthy for buyers and sellers this spring heading into summer."
Sales show no sign of slowing.
"Albuquerque and Rio Rancho are the number one and number two largest cities in New Mexico," say Realtors Archie Saiz and Eddie Costello. "Within the boundaries are bedroom communities providing a slower rural lifestyle adjacent to all the amenities of a metroplex."
"Interest rates are still very favorable for the first time home buyer," advise Saiz and Costello, "or if you are considering moving up now is the time to make a move. Home prices are increasing on average a modest 5 percent. For home owners thinking of selling, if they are preparing their homes to show, taking care of repairs and deferred maintenance they can expect an average marketing time of 78 days."
These areas are moving fast," says Realtor Linda Devlieg. "Homes in great condition, updated or with unique "wow" features are very popular. Luxury is a plus. In the lower-priced homes, it is still very appealing to add a luxury feature such as an upgraded kitchen, beautiful fabric window coverings..that special touch of luxury that makes every house a real home."
"With continued low interest rates, home buyers see opportunity to move up in size and quality of their current situation with sometimes at same or near same payment," says Realtor Kim Lawson. "The great thing is that activity is so strong....it tends to keep the process moving, in that a reasonably-priced, well-maintained home will get plenty of home shoppers and days on the market should be short."
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